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6 <br /> any, shall be applied to the purchase price as set forth in <br /> paragraph 3 below. <br /> 2 . Orange County will make application to the Clean Water <br /> Management Trust Fund (CWMTF) for funds to purchase the Property. <br /> Orange County should know whether it will receive a grant from <br /> CWMTF on or before December 31, 1999 . The Eno River Association <br /> is conducting a water quality study of the Upper Eno Watershed <br /> which study may affect the short term and long term use of the <br /> Property. Orange County expects that study to be completed and it <br /> to receive the results of that study on or before December 31, <br /> 1999 . Orange County has until the latter of twenty (20) days <br /> after its receipt of notification by CWMTF of the results of its <br /> application for grant funds or twenty (20) days after its receipt <br /> of the results of the Upper Eno Watershed study, but in no event <br /> -- no later than January 15, 2000, in which to exercise the option <br /> to purchase contained in this agreement. The option to purchase <br /> may be exercised by a Notice to that effect either hand-delivered <br /> to Jeffrey H. Potter, the Duke University representative in this <br /> transaction, or mailed by certified mail to Duke University, <br /> addressed to Jeffrey H. Potter, Director of Real Estate <br /> Administration, Duke University, 402 Oregon Street, Durham, NC <br /> 27705 . Delivery by mail shall be accomplished on the date the <br /> Notice is mailed. In the event that Orange County fails to <br /> -exercise the option, then and in that event, this option shall be <br /> null and void and of no effect; provided, however, this option <br /> may be extended by amendment if the amendment is signed by .Duke <br /> University. <br /> 2 <br />